The region has changed, the world has changed, but our thinking has not changed. It's time for a re-think of the Toronto region's economy. Toward a Toronto Region Economic Strategy
, a collaboration of the Toronto Region Board of Trade and the Institute for Competitiveness and Prosperity, sponsored by KPMG, challenges us to think about what a regional economic strategy for the Toronto region would look like.
The report proposes an ambitious, four point 'go global' economic game plan to move our region from simply "good enough" to great.” It examines where Toronto excels, faces challenges, and opportunities for consideration for the region, not only to become more economically productive, but also to be a more liveable and prosperous region.
- Economic vision – Increase productivity growth by 10 per cent by 2025
- Industry cluster growth – Strengthen our region’s industry clusters such as financial services, I.T., processed food, education, and life sciences
- Foundation initiatives – Invest in transportation, energy, smart technology, and human capital
- Strong regional leadership – Improve how the region manages key challenges such as regional transit and investment promotion
This is the third report in the Board’s 2014 election campaign. The first report, Think Twice, Vote Once – Decision 2014
, raised the call to mayoral candidates and provincial parties that we must shift from frustration to aspiration. We expect action on the priorities that matter to our region’s future. The Board’s second campaign report, Toronto as a Global City: Scorecard on Prosperity – 2014
, identified what tough choices must be made to raise our region’s economic future from simply “good enough” to “great.” Think Twice, Vote Once - Decision 2014
With the release of the discussion paper Think Twice, Vote Once – Decision 2014
, the Toronto Region Board of Trade kicks off its campaign for the municipal and provincial election year. Through this campaign, the Board intends to focus the attention of parties and candidates on the priorities that matter to the prosperity and competitiveness of our city region; The campaign aims to shape public debate on four core ballot box themes:
- Building regional transportation now
- Increasing fiscal capacity to upgrade civic infrastructure
- Promoting job creation across the region
- Closing the prosperity gap
At a critical juncture in the history of the Toronto region, the discussion paper makes the case for adopting a city-region approach to addressing these four challenges whose impacts spill across municipal boundaries. The Board will demand that candidates present credible platforms on their vision for moving these challenges forward and ask voters to think twice about which of the candidates offers the strongest leadership and plan for addressing these issues. As a member you'll have opportunities to participate in this campaign through a variety of election focussed special events and unique moderated on-line forums. We urge you to not only get out and vote, but to be informed by taking part in the Board's campaign activities. Your voice and those of the region's businesses must be heard.
Toronto as a Global City: Scorecard on Prosperity 2014
In this, a pivotal election year, Scorecard on Prosperity 2014
looks ahead, providing two potential future pictures of our region's economy in 2035: a "good enough" forecast based on a business-as-usual approach assuming historic trends in public investments, infrastructure development and business planning; and a competitive forecast that takes us from "good enough" to "great" by making strategic investments and tough choices that will enhance the region's global competitiveness.
Scorecard 2014 demonstrates what choosing the path to "great" means for all of us and provides a tool for evaluating the platforms of mayoral candidates and provincial parties in addressing the region's economic and competitive challenges.